Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. $ 715 7,650 216 5,856 1,347 281,390 156,600 $453,774 STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful accounts of $15) Pledges receivable (net of doubtful accounts of $260) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $104,010) Investments (at fair value, cost of $162,200) Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable Total liabilities Net Assets: Without donor restrictions With donor restrictions Total net assets Total liabilities and net assets $ 20,900 682 882 94,000 116,464 $103,760 233,550 337,310 $453,774 The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. 1. During the year, charges for tuition and fees were $244,210, scholarships were $16,070; and tuition waivers for scholastic achievement were $4,910. After payment was received, tuition refunds of $10,960 were given. Tuition waivers of $17,030 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $1,850, pledges to be collected in 2021 of $560, and cash contributions to the endowments of $314. It also collected $803 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,310. 4. Net deposits returned to students totaled $17. 5. Expenses were incurred for: Instruction Academic support Student services Institutional support $ 85,900 23,010 37,470 29,210 Related to the expenses incurred: prepaid assets of $515 were used, $4,759 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,160 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,665. 7. Investment earnings received for the period were $3,720, of which $1,820 was donor restricted for scholarships. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $18, to record depreciation expense of $26,110 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $17, and to recognize an increase in fair value of investments of $4,460 ($560 was related to investments restricted for scholarships, $1,350 was related to the permanent endowment, the remainder was related to net assets without donor restrictions). 9. Nominal accounts were closed. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. $ 715 7,650 216 5,856 1,347 281,390 156,600 $453,774 STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful accounts of $15) Pledges receivable (net of doubtful accounts of $260) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $104,010) Investments (at fair value, cost of $162,200) Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable Total liabilities Net Assets: Without donor restrictions With donor restrictions Total net assets Total liabilities and net assets $ 20,900 682 882 94,000 116,464 $103,760 233,550 337,310 $453,774 The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. 1. During the year, charges for tuition and fees were $244,210, scholarships were $16,070; and tuition waivers for scholastic achievement were $4,910. After payment was received, tuition refunds of $10,960 were given. Tuition waivers of $17,030 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $1,850, pledges to be collected in 2021 of $560, and cash contributions to the endowments of $314. It also collected $803 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,310. 4. Net deposits returned to students totaled $17. 5. Expenses were incurred for: Instruction Academic support Student services Institutional support $ 85,900 23,010 37,470 29,210 Related to the expenses incurred: prepaid assets of $515 were used, $4,759 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,160 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,665. 7. Investment earnings received for the period were $3,720, of which $1,820 was donor restricted for scholarships. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $18, to record depreciation expense of $26,110 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $17, and to recognize an increase in fair value of investments of $4,460 ($560 was related to investments restricted for scholarships, $1,350 was related to the permanent endowment, the remainder was related to net assets without donor restrictions). 9. Nominal accounts were closed. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020